Tag: APSGJA

  • Gold rate increases to Rs215,200 per tola

    Gold rate increases to Rs215,200 per tola

    In Wednesday’s market update, the price of 24-karat gold exhibited an upward trend, surging by Rs750 per tola and reaching Rs215,200 per tola.

    The Karachi Sarafa Association noted a marginal gain in the price of 10-gramme 24-karat gold, which stood at Rs184,500, marking an increase of Rs644 from the previous session. Similarly, the price of 10-gramme 22-karat gold experienced an uptick, reaching Rs169,124.

    Global traders are currently anticipating the release of the US Federal Reserve’s meeting minutes on January 30 and 31. This event is expected to provide valuable insights into the economic outlook and potential policy shifts.

    Contrastingly, silver prices remained stable, with 24-karat silver maintaining a selling price of Rs2,580 per tola, and 10-gramme silver being traded at Rs2,211.93.

    It’s noteworthy that domestic gold concluded the previous week in the red zone, influenced by a downturn in international prices. Speaking of global trends, international spot gold hovered around $2,028, showing a 0.2 per cent change compared to the preceding session.

    Market participants are keenly awaiting the minutes from the Federal Reserve’s January policy meeting, scheduled for release on Wednesday, which are anticipated to provide valuable insights into the central bank’s stance and potential future monetary policy adjustments.

  • Gold price hits Rs219,800 per tola after an increase of Rs1,800

    Gold price hits Rs219,800 per tola after an increase of Rs1,800

    In a notable uptrend, domestic gold prices in Pakistan experienced significant gains on Friday, with the price of 24-karat gold rising by Rs1,800 per tola and concluding the session at Rs219,800.

    According to the Karachi Sarafa Association, the closing price for 10 grammes of 24-karat gold in today’s session was Rs188,443, marking an increase of Rs1,543.

    Similarly, the price for 10 grammes of 22-karat gold reached Rs172,740, showing a gain of Rs1,415.

    Contrastingly, the price of silver remained steady in the local market, with 24-karat silver and 10-gramme 24-karat silver settling at Rs2,650 and Rs2,271.94, respectively.

    The continuous surge in international gold prices is a driving force behind the upward trajectory of gold prices in the domestic market.

    Currently, international spot gold is trading at $2,055.91, indicating a 0.48 per cent increase compared to the previous session’s closing.

    Furthermore, international gold is set for its second consecutive weekly gain, influenced by the weakening dollar and US Treasury yields.

    The recent statement from the US Federal Reserve, outlining a cumulative rate cut of 75 basis points in 2024, is putting sustained pressure on the dollar and Treasury yields, contributing to further gains for the precious metal.

    In addition to the impact of international price fluctuations, the domestic gold market is also susceptible to changes in the interbank exchange rate of the local currency.

    The intricate interplay between global and domestic factors continues to shape the dynamics of the gold market in Pakistan.

  • Gold price drops by Rs15,500 to Rs199,500 per tola

    Gold price drops by Rs15,500 to Rs199,500 per tola

    The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) resumed its bullion rate updates after an approximate month-long hiatus, revealing a substantial decline in the value of precious metals.

    According to APSGJA’s data, the price of 24-carat gold plummeted by Rs15,500 per tola and Rs13,546 per 10 grammes, reaching new levels of Rs199,500 and Rs171,039, respectively.

    The last bullion rate report was issued on September 12, when the per-tola price of gold stood at Rs215,000.

    However, escalating uncertainties in the economic landscape led to increased speculation. Consequently, the government intervened with a crackdown on speculators, resulting in the temporary suspension of bullion rate updates.

    During this 28-day period of rate suspension, gold traders resorted to arbitrary pricing as no standardised rates were available. Simultaneously, in the international market, the price of gold experienced a notable decline, dropping by $55 to reach $1,891 per ounce.

    Furthermore, APSGJA’s data also revealed a decrease in silver prices, with a Rs50 per tola and Rs42.87 per 10 grammes reduction, bringing silver’s rates to Rs2,500 and Rs2,143.34, respectively.

  • Second consecutive decline: Gold price drops by more than Rs6,000 per tola

    Second consecutive decline: Gold price drops by more than Rs6,000 per tola

    The price of gold in Pakistan fell for the second consecutive day on Tuesday, as the rupee depreciated against the US dollar. The price of 24 karat gold decreased by Rs6,300 per tola (11.66 grammes) and Rs5,402 per 10 grammes, to settle at Rs232,800 and Rs199,588, respectively.

    The decline in gold prices was in line with the fall in the international market, where the price of gold fell by $9 to settle at $1,931 per ounce. The gold rate has been volatile in Pakistan recently due to political and economic uncertainty, and high inflation.

    The price of silver also fell by Rs100 per tola and Rs85.74 per 10 grammes, to settle at Rs2,800 and Rs2400.5, respectively.

    The depreciation of the rupee against the dollar is the main reason for the decline in gold prices in Pakistan. When the rupee weakens, gold becomes more expensive for buyers in Pakistan, who have to pay more rupees to buy the same amount of gold.

    The political and economic uncertainty in Pakistan is also a factor that is contributing to the volatility of gold prices. Investors are unsure about the future of the country, and they are looking to gold as a safe haven investment. This demand for gold is pushing up prices.

    The high inflation in Pakistan is also making gold more expensive. When inflation rises, the value of the rupee decreases, which makes gold more expensive for buyers in Pakistan.

    Overall, the gold rate in Pakistan is expected to remain volatile in the near future due to the factors mentioned above.

  • Gold price increases by Rs6,200 to Rs221,000 per tola

    Gold price increases by Rs6,200 to Rs221,000 per tola

    On Tuesday, the gold price in Pakistan experienced a significant increase, aligning with the international market trends and the depreciation of the Pakistani rupee.

    The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) reported that the price of 24-carat gold rose by Rs6,200 per tola and Rs5,316 per 10 grammes, reaching Rs221,000 and Rs189,472 respectively.

    Simultaneously, the global market witnessed a $10 rise in the price of gold, settling at $1,967 per ounce.

    In contrast, the prices of silver per tola and 10 grammes remained unchanged at Rs2,650 and Rs2,271.94 respectively. The gold rate in Pakistan has shown volatility in recent times due to ongoing political and economic uncertainty, coupled with high inflation.

    Read more: Pakistan’s current account surplus soars to $334 million in June

    Furthermore, the Pakistani rupee displayed weakness against the dollar in the interbank market on Tuesday, depreciating by Rs3.78, as per data from the State Bank of Pakistan.

  • Gold price drops by Rs1,500 per tola in Pakistan amidst global market slump

    Gold price drops by Rs1,500 per tola in Pakistan amidst global market slump

    On Friday, the price of gold in Pakistan witnessed a decline of Rs1,500 per tola, losing its luster due to a decrease in the international market.

    The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) released data indicating that the price of 24-carat gold dropped by Rs1,500 per tola and Rs1,285 per 10 grammes, settling at Rs217,000 and Rs186,043, respectively.

    Concurrently, the international market saw a $10 decrease, with the yellow metal settling at $1,919 per ounce.

    Recent times have seen the gold rate in Pakistan fluctuate amidst ongoing political and economic uncertainty, as well as high inflation. Consequently, individuals tend to view this precious commodity as a secure investment and a hedge during such periods. The association’s data revealed that the price of silver remained unchanged at Rs2,550 per tola and Rs2,186.21 per 10 grammes.

    Furthermore, the data highlighted that the cost of bullion in Pakistan is Rs4,000 per tola lower than the Dubai market, indicating that the Pakistani gold market currently offers more affordable prices than the global market.

    In terms of foreign exchange, the Pakistani rupee maintained stability against the US dollar, experiencing a nominal increase of Rs0.01. The interbank market closed on Friday with the exchange rate at Rs286.74.

  • Gold price in Pakistan drops by more than Rs5,700 per tola in two days

    Gold price in Pakistan drops by more than Rs5,700 per tola in two days

    On Tuesday, the price of gold in Pakistan continued its downward trend, influenced by post-budget concerns and the impending cyclone Biparjoy, resulting in a deserted market. The All Pakistan Sarafa Gems and Jewellers Association (APSGJA) provided data indicating a decrease in the price of gold (24 carats) by Rs4,000 per tola and Rs3,430 per 10 grams, reaching Rs221,500 and Rs189,900, respectively.

    Internationally, the price of gold experienced a $2 decline, settling at $1,961 per ounce. Over the past two sessions, the cumulative decline in the prices of this precious commodity amounted to Rs5,750. Moreover, it is worth noting that gold is priced Rs4,000 per tola lower in Pakistan compared to the Dubai market.

    The fluctuating gold rates in Pakistan can be attributed to ongoing political and economic uncertainty, high inflation, and currency depreciation. During such times, individuals tend to consider gold as a safe investment and a hedge. Tuesday’s market witnessed a significant decline due to various factors, including international rates, dollar depreciation, cyclone Biparjoy, and unfavorable weather conditions that deterred buyers from venturing out.

    Data from the association indicated that the price of silver remained unchanged at Rs2,650 per tola and Rs2,271.94 per 10 grams. Furthermore, the local currency experienced a decrease of Rs0.34 or 0.12 per cent against the US dollar, concluding the day at Rs287.97 in the interbank market.

  • Gold price increases to Rs240,000 per tola amid political turmoil and IMF loan delay

    Gold price increases to Rs240,000 per tola amid political turmoil and IMF loan delay

    On Wednesday, the price of gold surged massively in Pakistan due to political turmoil following the arrest of the former prime minister and Pakistan Tehreek-e-Insaf (PTI) Chairman, Imran Khan.

    According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) rose by Rs9,900 per tola and Rs8,487 per 10 grams to reach Rs240,000 and Rs205,761, respectively.

    However, there was no increase in the international market price, which remained at $2,031 per ounce. The primary reason for the increase in gold’s price is the latest political storm that has caused violent protests across the country and led to the army’s deployment in three provinces.

    People in Pakistan are purchasing gold to protect themselves against inflation and currency depreciation, as the economy is already in dire straits. Furthermore, the delay in the revival of the International Monetary Fund (IMF) program, which negatively impacts the currency market, is bolstering the demand for gold.

    According to Brecorder, the rupee also fell to a fresh low of Rs290.22 against the US dollar in the interbank market on Wednesday, after losing Rs5.38 or 1.89 per cent. The APSGJA also reported that the price of silver reached a new high, rising by Rs100 per tola and Rs85.75 per 10 grams to settle at Rs3,100 and Rs2,657.7, respectively.

  • Seasonal demand: Gold price increases by Rs5,600 to Rs207,500 per tola

    Seasonal demand: Gold price increases by Rs5,600 to Rs207,500 per tola

    On Friday, gold prices in Pakistan experienced a significant increase due to seasonal demand and the rush to purchase the precious metal during Ramadan and the upcoming wedding season.

    According to data from the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-carat gold surged by Rs5,600 per tola and Rs4,801 per 10 grammes to settle at Rs207,500 and Rs177,898, respectively.

    In recent sessions, the price of gold had decreased due to a decline in international prices and the appreciation of the Pakistani rupee against the US dollar. However, the bullion sparkled once again on Friday as local markets reopened following a day off for Pakistan Day.

    The price of gold in Pakistan is strongly influenced by the rupee-dollar parity since almost all of the country’s gold demand is met through imports, with traders following international prices to set rates. The metal is imported by jewelers against the US dollar and UAE dirham before its price is converted into rupees.

    The APSGJA also noted that the price of gold in Pakistan was Rs12,000 per tola cheaper than in the Dubai market, indicating that the Pakistani gold market was currently less expensive than the global market.

    Meanwhile, in the international market, gold prices continued to rise on Friday, buoyed by a drop in Treasury yields after the US Federal Reserve hinted at a possible end to its monetary tightening cycle. The per-ounce price settled at $1,997 after a significant increase of $58.

    The longer-term prospects for gold remain positive due to expectations of a pause in US interest rate hikes. In addition, silver prices in the domestic market rose by Rs20 per tola and Rs17.15 per 10 grammes, settling at Rs2,220 per tola and Rs1,903.29 per 10 grammes, respectively.

  • Gold price hits historic high of Rs169,650 per tola in Pakistan

    Gold price hits historic high of Rs169,650 per tola in Pakistan

    On Monday, the price of gold in Pakistan reached an all-time high of Rs169,650 a tola as investors continued to seek refuge in the safe-haven metal due to growing worries that the country’s economic situation will become worse.

    According to Geo, the rates of gold increased by Rs2,350 per tola and Rs2,016 per 10 grams, respectively, according to statistics supplied by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). These prices eventually reached an all-time high of Rs169,650 and Rs145,448.

    Gold has reached many heights recently and concluded the week at Rs167,300 per tola after rising by Rs4,000, or 2.49 per cent, during the week that ended December 10.

    In the meantime, silver prices rose over the key Rs1,900 per tola mark. Price increases of Rs80 per tola and Rs68.58 per 10 grams brought the price to an all-time high of Rs1,970 and Rs1,688.95.

    Investors’ attention has switched to gold as a result of the dollar scarcity since the price of yellow metal is also increasing on the global market.